KOSDAQ · 094970 · Electronic components · ₩094970

JMT제이엠티

094970 · KOSDAQ · ₩094970 · 제이엠티

₩2,490▼ ₩75 (2.92%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩26,019

vs the current price (₩2,490)

Enterprise value: ₩470B
Equity value: ₩436B
WACC: 7.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 945% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩2,490, the model needs an operating margin of 4.8% every year (it uses 11.7%).
Margins ranged from 3.2% to 22.1% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
34% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
Today's P/E is 2.1× against a typical 3.2× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩13,658; +448.5%
Base: ₩26,019; +945.0%
Bull: ₩47,325; +1,800.6%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (11.7%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (30.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (30.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (30.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (30.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (30.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin11.7%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation6.4%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending8.5%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital40%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.19, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.51%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩244B
Net debt (borrowings and leases − cash and deposits): −₩7.4B
− Minority interests: ₩42B
Shares: 16,748,240
Share price: ₩2,490
Market cap: ₩42B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩123B	₩164B	₩200B	₩305B	₩365B	₩416B	₩451B	₩465B
Growth	35.5%	33.6%	22.1%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩15B	₩5.3B	₩13B	₩36B	₩43B	₩49B	₩53B	₩54B
EBIT margin	12.1%	3.2%	6.6%	11.7%	11.7%	11.7%	11.7%	11.7%
After-tax EBIT	₩11B	₩3.8B	₩9.5B	₩26B	₩31B	₩35B	₩38B	₩39B
+ Depreciation	₩8.6B	₩10B	₩12B	₩20B	₩23B	₩27B	₩29B	₩30B
− Capital spending	₩11B	₩13B	₩18B	₩26B	₩31B	₩35B	₩38B	₩40B
− Working capital	₩10B	₩9.2B	₩144M	₩24B	₩24B	₩20B	₩14B	₩5.4B
Free cash flow	−₩1.5B	−₩7.9B	₩3.8B	−₩4.9B	−₩528M	₩6.1B	₩15B	₩24B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩4.6B	−₩458M	₩4.9B	₩11B	₩17B

Terminal value ₩629B, worth ₩442B today: 94% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩9,458 a share)Now 0.26×	₩2,7100.29×	₩5,0420.53×	₩8,4260.89×
Price / earnings (last 12 months: ₩1,214 a share)Now 2.05×	₩2,4992.06×	₩3,8543.17×	₩7,4176.11×
P/E on run-rate earnings (Q2 2026 × 4: ₩787 a share)Now 3.16×	₩1,6192.06×	₩2,4983.17×	₩4,8076.11×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.3%	₩28,648	₩30,953	₩33,783	₩37,346	₩41,974
6.8%	₩25,503	₩27,313	₩29,491	₩32,166	₩35,533
7.3%	₩22,867	₩24,311	₩26,019	₩28,075	₩30,599
7.8%	₩20,627	₩21,794	₩23,155	₩24,765	₩26,703
8.3%	₩18,702	₩19,656	₩20,754	₩22,035	₩23,550

Now (TTM)

Market cap: ₩42B
Enterprise value: ₩27B
P/E: 2.1×
P/B: 0.3×
P/S: 0.2×
EV/EBITDA: 0.8×
Dividend yield: 2.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,690	₩2,900	₩4,085	₩3,085	₩4,235
Market cap	₩45B	₩49B	₩68B	₩52B	₩71B
P/E	3.2×	5.5×	3.0×	1.8×	4.7×
P/B	0.3×	0.4×	0.6×	0.5×	0.9×
P/S	0.2×	0.3×	0.6×	0.6×	0.9×
EV/EBITDA	1.4×	2.3×	2.5×	2.1×	3.2×
Dividend yield	2.2%	1.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
JMT	2.1×	0.3×	0.2×	0.8×	2.4%
Samsung Electro-Mechanics	88.7×	8.7×	7.2×	—	0.2%
Doosan	34.5×	4.9×	0.6×	—	0.4%
Hanwha Systems	65.1×	2.5×	2.8×	—	0.8%
LG Innotek	11.6×	1.2×	0.3×	—	0.6%
Isupetasys	30.8×	7.2×	4.7×	—	0.0%
Daeduck Electronics	38.8×	6.0×	4.4×	—	0.4%
Similar companies (median)	36.6×	5.5×	3.6×	—	0.4%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: JMT / 제이엠티 / 094970 / KRX:094970

Source: KRX statistical information